Pershing Unveils Retirement Plan Network

Pershing, a BNY Mellon company, is launching a solution
through the first quarter of 2015 that allows advisers to connect to
independent recordkeepers, hold assets in custody, and leverage an integrated
suite of investment products, retirement plan tools, and practice management
solutions. The Retirement Plan Network ultimately helps broker/dealers, investment
advisers and registered investment advisers (RIAs) grow their retirement
business.

“As one of the largest custodians of individual retirement
account (IRA) assets, the retirement market is important to Pershing and our
clients,” says Rob Cirrotti, head of retirement solutions at Pershing.
“The defined contribution system, however, continues to be the primary
retirement savings vehicle for Americans and advisers are playing an
increasingly important role in driving better retirement outcomes.”

Defined contribution (DC) assets are expected to increase
5% to 6% per year through 2019, facilitating growth in the
retirement plan market. Americans held $6.6 trillion in DC retirement plans, including
401(k) assets, as of the third quarter of 2014. Additionally, IRA assets are
expected to exceed $11.5 trillion by the end of the decade, driven by DC plan
rollovers. However, many Americans are not sufficiently prepared for
retirement, according to data from the Federal Reserve.

“The growth of DC plans and IRAs makes the retirement
market an attractive space for advisers and presents them with an opportunity
to help meet plan sponsors’ need for better guidance in preparing their plan
participants for retirement,” Cirrotti said.

Pershing’s Retirement Plan Network is also designed to help
advisers address the need for greater transparency and oversight of their retirement
business. The product includes NetX360, which enables advisers to access
and leverage integration of independent recordkeepers. It gives advisers a
single point of access for both individual and institutional plan business that
lets them offer support, view plan investments, conduct investment reviews, facilitate
IRA rollovers, select recordkeepers, and access plan sponsor and participant
education materials. Advisers can manage investment
models or access third-party asset managers with investment choices including
mutual funds, stable value funds and exchange-traded funds through managed
models.